S 1276
97th Congress
Senate
Taxation
Accounting
Business and commerce
Income tax
Internal revenue law
Inventories
Small business
Tax administration
A bill to amend the Internal Revenue Code of 1954 to permit small businesses to reduce the value of excess inventory.
Introduced: May 21, 1981
See on congress.gov
Everywhere this bill has been
5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 25, 1981
Subcommittee on Taxation and Debt Management. Hearings held.
Jun 15, 1981
Committee on Finance requested executive comment from OMB; Treasury Department.
May 21, 1981
Subcommittee on Taxation and Debt Management took the following actions.
May 21, 1981
Read second time and referred to Senate Committee on Finance.
May 21, 1981
Introduced in Senate
Plain-English summary
Amends the Internal Revenue Code to permit a domestic trade or business whose equity capital does not exceed $25,000,000 to reduce the value of a portion of excess inventory items held for more than 12 months.
Permits a taxpayer who is required to change his method of accounting pursuant to Revenue Ruling 80-60 (inventory valuation) and Revenue Procedure 80-5 to effect such a change only for taxable years beginning after December 31, 1980.
What's happening now
Subcommittee on Taxation and Debt Management. Hearings held.
Committees of jurisdiction
2
Cosponsors
1